Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.</li>
<li>We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.</li>
<li>Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.</li>
</ul>


Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.
We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.
Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.


Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Evergreen Marine, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Evergreen Marine, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.


TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chipmos-technologies-inc" target="_blank" data-smartkarma-citation="entities:1864:1" rel="noopener">Chipmos Technologies (8150 TT)</a> reported results last week, beating expectations and showing an increase in capacity utilization QoQ.</li>
<li>The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.</li>
<li>Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.</li>
</ul>



Chipmos Technologies (8150 TT) reported results last week, beating expectations and showing an increase in capacity utilization QoQ.
The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.
Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.


ChipMOS Industry View: Display Downturn Rebounding, Memory Delayed, Guidance Proving Prescient

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q1’23 revenues of NT$95.7 billion, down 11.6% sequentially and 33% year-over-year.</li>
<li>Q2'23 revenues sequentially flat at the midpoint. Longer replacement cycles and growing refurbishment market will see 2023 unit shipments decline a further ~10% YoY.</li>
<li>Strength in Smart Edge products (TV, Tablet, Telco, Automotive) continues to offset weakness in smartphones</li>
</ul>


Q1’23 revenues of NT$95.7 billion, down 11.6% sequentially and 33% year-over-year.
Q2'23 revenues sequentially flat at the midpoint. Longer replacement cycles and growing refurbishment market will see 2023 unit shipments decline a further ~10% YoY.
Strength in Smart Edge products (TV, Tablet, Telco, Automotive) continues to offset weakness in smartphones


MediaTek Q1'23 Earnings NT$95.7 Billion, -11.6% QoQ , -33% YoY. Q2'23 Flat QoQ

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 28th which has an aggregated short interest worth USD12.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Unimicron Tech, Evergreen Marine, Taiwan Cement, Polaris, Largan Precision, Micro-Star Intl, King Yuan Elec, Powertech, Hiwin Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 28th which has an aggregated short interest worth USD12.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Unimicron Tech, Evergreen Marine, Taiwan Cement, Polaris, Largan Precision, Micro-Star Intl, King Yuan Elec, Powertech, Hiwin Tech.


TWSE Short Interest Weekly (Apr 28th): Unimicron Tech, Evergreen, Taiwan Cement, Polaris, Largan

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Mediatek, Wistron, Yang Ming...

Ke Yan, CFA, FRM

ChipMOS Industry View: Display Downturn Rebounding, Memory Delayed, Guidance Proving Prescient

The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.

Vincent Fernando, CFA

MediaTek Q1'23 Earnings NT$95.7 Billion, -11.6% QoQ , -33% YoY. Q2'23 Flat QoQ

Q1’23 revenues of NT$95.7 billion, -11.6% QoQ & -33% YoY. Q2'23 revenues sequentially flat at the midpoint. Strength in TV, Tablet, Telco &...

William Keating

TWSE Short Interest Weekly (Apr 28th): Unimicron Tech, Evergreen, Taiwan Cement, Polaris, Largan

We analyzed TWSE short interest report for the past week and highlight short interest changes in Unimicron Tech, Evergreen Marine, Taiwan Cement,...

Ke Yan, CFA, FRM

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